Weekly Issue Archive »

Issue 865 - 6th October

  • News Analysis

    • ABS

      • Cat bond rebound

        'Significant repricing' spurring renewed interest in ILS

        The floods in New York at the end of September were the latest in a series of extreme climate-related events to dominate the global news agenda this year. Yet, while the assumption may be that this onslaught of disasters would lead to a strain on the...

  • News

    • Structured Finance

      • Fundamental review

        FSB response calls for level playing field

        Paris Europlace has filed its response to the Financial Stability Board's (FSB) request for feedback on the effects of the G20 regulatory reforms on securitisation implemented since the GFC. Regarding the CRT market, the organisation underlines sever...

      • SCI Start the Week - 2 October

        A review of SCI's latest content

        Last week's news and analysis Fed clarifies CLN definition Updates on US Fed’s Regulation Q and UK PRA’s Basel timetable In the fast lane US prime auto ABS issuance to set new record Job swaps weekly: Khan heads to Nati...

      • Front and centre

        More bank origination expected as TLTROs expire

        An uptick in securitisation originations among European banks is anticipated as central bank funding programmes, including the ECB’s targeted longer-term refinancing operations (TLTROs), reach maturity. Central bank liquidity supressed bank...

    • Capital Relief Trades

      • Glad confident morning again

        Fed's CRT clarity both welcome and begins new era

        The Federal Reserve last Friday finally issued guidance on the capital treatment for CRT transactions based on both SPVs and direct CLNs (SCI 29 September), and it ushers in a brave new world of much increased clarity and greater issuance in the US S...

      • 'Sluggish' September?

        Quarterly SCI CRT data review

        CRT issuance so far this year appears to have consistently tracked below that of last year’s volumes. In terms of deal count, SCI data shows that 39 transactions have closed in the year to end-September 2023, versus 52 for the corresponding...

      • Risk transfer round-up - 5 October

        The week's CRT developments and deal news

        Market newsA new paper published by the European Systemic Risk Board (ESRB) suggests that the synthetic securitisation sector has reached sufficient critical mass to make SRT a permanent feature in the capital management toolkit of European banks. Ho...

    • CLOs

      • Roll with the changes

        CLO rating upgrades on the cards

        CLOs may see more rating upgrades, despite current macroeconomic challenges, as more transactions reach their amortisation periods (see SCI CLO Markets). With defaults rising across the credit universe, actively managed CLO transactions are an outlie...

    • SRTx

      • Latest SRTx fixings released

        Index values indicate incremental widening in spreads, while credit risk outlook trends towards nega...

        The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. Participants’ estimates indicate a tightening in European spreads compared with September’s fixings (SCI 7 September), while market sentiment re...

  • Market Moves

    • Structured Finance

      • RRAM acquires second slate of CLOs

        Market updates and sector developments

        Redding Ridge Asset Management has acquired CLO management contracts totalling US$2.8bn in AUM from Gulf Stream Asset Management. With the close of the transaction, Redding Ridge will have more than US$26bn of AUM and expects a seamless integration o...

      • Job swaps weekly: HSBC snaps up former Deutsche Bank CLO head

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees a former head of CLOs at Deutsche Bank taking up a director role at HSBC. Elsewhere, CBRE has promoted a London-based executive md to president and coo in its Tokyo office, while...

      • Rithm strengthens MSR capabilities

        Market updates and sector developments

        Rithm Capital has entered into a definitive agreement with Computershare to acquire Computershare Mortgage Services and certain affiliated companies, including Specialized Loan Servicing (SLS), for a purchase price of approximately US$720m. The a...


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